Raspberry Pi Holdings plc reported $144 million in revenue and $34.2 million in gross profit for the six months ended June 30, 2024, in its first financial results since listing in London that June. Single-board-computer sales reached 3.66 million. The September 24 report was a strong first public-company update, but it was an interim report—not a full-year earnings release—and channel inventory remained a factor in the outlook.
What Raspberry Pi reported
The results covered the first half of 2024. “First earnings” refers to Raspberry Pi Holdings’ first results as a publicly traded company, not its first-ever financial statements or profits. The company reported its figures in U.S. dollars despite being UK-based and listed in London.
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| Measure | Six months ended June 30, 2024 | Comparison |
|---|---|---|
| Revenue | $144 million | Up 61% year over year |
| Gross profit | $34.2 million | Up 47% year over year |
| Single-board computers sold | 3.66 million | Up 31% from 2.8 million |
The reported $34.2 million is gross profit, not net income, operating profit, earnings per share, or free cash flow. Dividing gross profit by revenue gives a calculated gross-profit margin proxy of about 23.8%; that is a simple calculation from the reported figures, not a separately stated company measure. Likewise, dividing revenue by the single-board-computer unit count would not yield a reliable average selling price: the revenue figure can include products beyond those computers.
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What drove the growth—and what the figures do not isolate
Management pointed to uptake of Raspberry Pi 5, the launch of the Raspberry Pi AI Kit, and the production ramp of RP2350, its second-generation microcontroller platform. The company also serves hobbyist, education, industrial, and embedded markets. Sales of single-board computers rose by about 860,000 units from the comparable period, helping explain the revenue growth alongside the new-product cycle.
The reported results do not break out how much revenue or growth came from Raspberry Pi 5, the AI Kit, RP2350, or any individual customer segment. It would therefore be too strong to credit one product—or the IPO itself—with the entire increase.
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Why channel inventory matters
Management said customer and channel inventories were higher than usual around the IPO and were continuing to unwind. It expected normalization to be substantially complete by year-end. That was a forecast, not a result already achieved.
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What the public listing changed
Raspberry Pi Holdings plc listed on the London Stock Exchange in June 2024 and raised approximately $240 million in the flotation, according to contemporaneous coverage. Public-market access changed the commercial business’s financing and visibility; it did not mean the educational charity itself became a listed company.
Three names, different roles
- Raspberry Pi Foundation: The UK educational charity founded in 2008, with an education-focused mission.
- Raspberry Pi Holdings plc: The publicly traded holding company whose first interim results were announced in September 2024.
- Raspberry Pi Ltd: The operating company associated with product development and sales.
“Raspberry Pi went public” is convenient shorthand, but the listed entity was Holdings, not the Foundation. The first Raspberry Pi computer launched in 2012; CEO Eben Upton said at the time of the IPO that more than 60 million computers had been sold. Those historical facts describe the broader Raspberry Pi story, not sales during the 2024 half-year. (Thurrott’s coverage of the listing)
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Management’s outlook and what to watch
Management expected higher unit sales in the second half of 2024, further product releases, and continued growth opportunities in industrial and embedded markets. It also expected channel inventory normalization to progress. These are forward-looking expectations, not guaranteed outcomes; the first-half report alone cannot confirm how they played out.
- Inventory: Whether channel stock returned toward normal levels, and how that affected subsequent shipments.
- Product execution: Whether Raspberry Pi 5, the AI Kit, RP2350, and later releases sustained demand.
- Market mix: Whether industrial and embedded customers expanded alongside hobbyist and educational use.
- Financial detail: Gross profit and revenue do not by themselves establish net profitability, cash generation, or the company’s valuation.
The results were a positive first public-company report: revenue, gross profit, and single-board-computer sales all grew year over year. They are best understood as a snapshot of a product-driven business still working through channel inventory—not as proof that the same growth rate would continue.
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